Tuesday, February 07, 2017

Seller should shop around for fees too!

query: does the seller get overcharged on settlement costs

Yes, indeed they do. Sellers, like buyers, should shop for settlement service providers or at the very least make certain that the settlement agent being hired by the buyer isn't overcharging on the seller side.

We see this in the Pittsburgh metro market all the time. A buyer hires a settlement agent. The settlement agent charges the seller a settlement fee. Why? Does the seller have to pay? No, not unless they bargained for the service.

Seller should ask around and find out what is customary in their market and also whether there are options to reduce their settlement costs.